Colliers International appointed to sell more than an acre in Melbourne property hot spot
A generational opportunity to secure a rare and significant land holding in Melbourne’s premier inner-east is expected to attract interest upwards of $12.5million as developers and land-bankers compete.
Colliers International’s Hamish Burgess, Bryson Cameron and Peter Bremner, in conjunction with Caroline Hamill, James Hearn and Maria Xu of Woodards, have been appointed to sell 7-9 High Road in Camberwell.
Mr Burgess said it would be the first time the property had changed hands in more than 50 years.
“This is a very rare opportunity for someone to acquire more than an acre of land in the sought after Camberwell area,” he said. “The property currently has improvements comprising 18 residential units which provide a substantial and diversified income stream, however it could also be suited to a residential aged care or medical development."
Comprised over three titles and with frontage to High Road of more than 40m, the sprawling 4,433sqm, ‘L’ shaped site looks back towards the CBD skyline.
The site currently encompasses a period Californian bungalow converted into three one-bedroom apartments, as well as four blocks of two-bedroom apartments making a total of eighteen apartments. Each apartment has designated parking bays or carports and is set within generous common grounds.
“Offering an array of potential uses, the site sits within one of Melbourne’s leading residential suburbs with a strong median house price in excess of $2.3million,” Mr Burgess said. “Camberwell is seen as a consistent performer and bastion of stability in the Melbourne residential property market.
“Situated within the Auburn High School and Camberwell South Primary School zones, and within moments of Melbourne’s elite private schools, we expect this property to appeal to both families and those seeking a luxury inner-eastern product.
“In addition, the site benefits from its close proximity to the Epworth Hospital’s Camberwell campus, making it perfectly positioned for alternate uses such as retirement living, aged care or other associated medical uses (STCA)."
Surrounding amenity includes a wide range of cafes, shops and trams around the corner on Burke Road. There is also easy access to Camberwell Junction, the Monash Freeway and the CBD, which is less than 8km away.
“Occupying a spectacular position near the nexus of Toorak and Burke Roads, this is an unmatched, generational opportunity to secure a substantial and imposing land holding in Melbourne’s premier inner-east,” Mr Cameron said. “Sprawling across more than an acre over three separate titles, it represents a peerless development or land banking opportunity.”